MSRB NOTICE 2004-41 (DECEMBER 10, 2004)

SEC APPROVES PROPOSAL TO CREATE THE REAL-TIME TRANSACTION PRICE SERVICE AND ESTABLISH AN ANNUAL SUBSCRIPTION FEE

On December 8, 2004, the Securities and Exchange Commission approved the MSRB’s proposal to create the Real-Time Transaction Price Service (“Real-Time Service”) and establish a $5,000 annual subscription fee.[1]  The Real-Time Service will disseminate municipal securities transaction prices in real-time as part of the MSRB’s Real-Time Transaction Reporting System (“RTRS”).  The Real-Time Service is expected to become operative in January 2005, as part of RTRS.

A description of the Real-Time Service may be found in the MSRB’s previous notice announcing its filing with the SEC. [2]

December 10, 2004